Perth-based Red Mountain Mining (ASX: RMX) has prioritised drill targets at its Batangas Project in the Philippines and begun drilling at Lobo prospect.
An internal review of the Lobo epithermal gold structures on the western portion of the Batangas has led to drill targets.
Red Mountain completed the acquisition of significant gold resources and copper gold tenements in the Philippines on 30 October 2012, for a consideration of 100 million Red Mountain shares worth in value around A$10 million from Mindoro Resources (ASX:MDO).
Previous drilling had only tested approximately a 500 metre strike length of the system to shallow depth of less than 150 metres.
High-grade gold shoots have been identified at South West Breccia and potentially at West Drift prospect.
Lobo project
Over 10 kilometres strike-length of mapped epithermal vein-breccia structures have been mapped at Lobo.
Previous drilling has only tested approximately a 500 metre strike length of the system to shallow depth of less than 150 metres.
High-grade gold shoots have been identified at South West Breccia and potentially at West Drift prospect.
Initial drilling will target the West Drift prospect to increase high grade gold mineralization and potentially convert to resource inventory.
The Batangas Project, south of Manila, contains JORC-compliant gold resources and the Tapian San Francisco tenements in northern Mindanao is a major copper-gold porphyry prospect.
Analysis
This will be a fascinating drill program to watch for Red Mountain's Neil Warburton and his team given the prospectivity and potential for unearthing a significant copper/gold deposit at Batangas.
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